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1、CEOCompensation,Change,andCorporateStrategyWehavecreatedacultofleadershipthatfarexceedsanythingthatexisteddecadesago.Whatwearegettingnow,verydangerously,iswhatIcalladramaticstyleofmanaging;thegreatmerger,thegreatdownsizing,themassivebrilliantnewstrate
2、gy.Sowegetallthesemassivemergers,fire,brimstoneanddrama,becauseyoucan，tsaytothestockanalysts,"we9regettingourlogisticsallstraightenedout,we9regoingtobemuchmoreefficientatthroughputtothecustomer/9Theystarttoyawn.(Mintzberg,2000)Theproblemsresultingfrom
3、separationofownershipandcontrolhavelongbeenrecognizedinthecorporategovernanceandcorporatefinanceliterature(See,e.g.,BerleandMeans(1932),Jensen(1986),Hart(1995),ShleiferandVishny(1997)).Mintzberg'sanalysisofthecultofleadershiphasthreeelements:(i)compan
4、iesneedtochangeandadapt;(ii)theCEO,ratherthantheshareholders,haspowertodecideonthedirectionofchange(thestrategy);and,(iii)theCEOmaynotselecttheoptimalkindofchange(forshareholdervalue)-itmaybeoverlydramatic.Inthispaper,westudythisideafromtheperspective
5、ofthecorporategovernanceliterature,thatis,usingagencytheory.Notethatmuchofthisliteraturehasusedanincompletecontractingapproach(HartJ995),andeachofthethreeelementsinMintzberg5sargumentsuggestscontractualincompleteness.Thisistheapproachwetakehere.Standa
6、rdagencytheorytakesasgiventheexistenceofanincentiveproblem・Theprincipalandagentagreeona(constrained)optimalcontract,andthentheagentgoestoworkontheproblem.OnefeatureofCEOcompensationthatisclearlydifferentfromthisstandardagencymodelisthefactthatthecontr
7、actisadjustedovertimetoreflecttheevolutionoftheperformanceanditsstrategicdirection.Thereisanannualpay-settingroundatwhichoptionsandincentiveplansarerenegotiated.Also,sinceheorshecaninfluencethefinrTsstrategy,theCEOmaybeabletoinfluencethecompensationco
8、ntract:Adramaticmerger,orrestructuringofthewholebusiness,canleadtolargeroptionsgrants.Therearemanyexamplesinrecentcorporatehistoryinwhichradicalcorporatechangewenthand-in-handwithhighexecutivecompensationandoptionsgrants:Coca-ColaunderRobertoG
